[caption id="attachment_605319" align="alignleft" width="300"]
Michael Lyons[/caption]
Fiserv’s compensation plan for its next chief executive officer includes a nearly $12 million cash payment to make up for pay he is giving up by leaving his current job, according to filings with the U.S. Securities and Exchange Commission.
The Milwaukee-based financial technology company announced Thursday it hired
Michael Lyons as president and CEO-elect. Lyons was president of PNC Financial Service Group and will take over as CEO of Fiserv when
Frank Bisignano, the current chairman and CEO, is confirmed to be the commissioner of the Social Security Administration. Lyons would also become CEO on June 30 if Bisignano has not been confirmed by that date.
In leaving PNC, Lyons is giving up almost $7.5 million of equity awards from PNC set to vest next month and $4.2 million in cash payments expected from his 2024 annual incentive compensation. To replace those payments, Fiserv is providing him an $11.7 million cash payment within five days of starting his new role.
The company’s board also set his annual base salary at $1.3 million, which is slightly less than the $1.4 million base salary Bisignano had as of 2023. Lyons had a base salary of $700,000 at PNC.
In addition to his base salary and the replacement cash payment, Lyons’ compensation includes a cash incentive opportunity of $2.6 million, restricted stock units with a value of $6.44 million that vest over the next three years and performance share units worth $9.66 million that cliff vest after three years.
Lyons’ offer letter, which was included in Fiserv securities filings, also indicates his role will be based at the company’s executive offices in New York City. He is required to relocate to the NYC area by Aug. 1 with the company covering certain relocation costs.
